GC=F vs. FXA

Last updated Apr 2, 2026

Compare and contrast key facts about Gold (GC=F) and Invesco CurrencyShares Australian Dollar Trust (FXA).

FXA is a passively managed fund by Invesco that tracks the performance of the USD/AUD Exchange Rate. It was launched on Jun 21, 2006.

Performance

GC=F vs. FXA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold (GC=F) and Invesco CurrencyShares Australian Dollar Trust (FXA). The values are adjusted to include any dividend payments, if applicable.

GC=F vs. FXA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GC=F Gold	10.61%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%
FXA Invesco CurrencyShares Australian Dollar Trust	3.95%	9.10%	-7.75%	1.20%	-6.46%	-6.17%	9.52%	0.13%	-8.84%	9.05%

Returns By Period

In the year-to-date period, GC=F achieves a 10.61% return, which is significantly higher than FXA's 3.95% return. Over the past 10 years, GC=F has outperformed FXA with an annualized return of 14.62%, while FXA has yielded a comparatively lower -0.43% annualized return.

GC=F

• 1D: 2.95%
• 1M: -9.63%
• YTD: 10.61%
• 6M: 23.71%
• 1Y: 53.41%
• 3Y*: 34.44%
• 5Y*: 22.61%
• 10Y*: 14.62%

FXA

• 1D: 0.25%
• 1M: -2.32%
• YTD: 3.95%
• 6M: 5.16%
• 1Y: 11.43%
• 3Y*: 2.47%
• 5Y*: -1.19%
• 10Y*: -0.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

GC=F vs. FXA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GC=F

GC=F Risk / Return Rank: 91
GC=F Sharpe Ratio Rank: 100
GC=F Sortino Ratio Rank: 100
GC=F Omega Ratio Rank: 94
GC=F Calmar Ratio Rank: 71
GC=F Martin Ratio Rank: 92

FXA

FXA Risk / Return Rank: 65
FXA Sharpe Ratio Rank: 63
FXA Sortino Ratio Rank: 59
FXA Omega Ratio Rank: 56
FXA Calmar Ratio Rank: 75
FXA Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GC=F vs. FXA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold (GC=F) and Invesco CurrencyShares Australian Dollar Trust (FXA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GC=F	FXA	Difference
Sharpe ratio Return per unit of total volatility	1.85	1.15	+0.70
Sortino ratio Return per unit of downside risk	2.26	1.60	+0.65
Omega ratio Gain probability vs. loss probability	1.34	1.22	+0.13
Calmar ratio Return relative to maximum drawdown	2.74	2.15	+0.59
Martin ratio Return relative to average drawdown	10.15	7.81	+2.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GC=F vs. FXA - Sharpe Ratio Comparison

The current GC=F Sharpe Ratio is 1.85, which is higher than the FXA Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of GC=F and FXA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GC=F	FXA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	1.15	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.25	-0.11	+1.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	-0.04	+0.94
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.13	+0.51

Correlation

The correlation between GC=F and FXA is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

GC=F vs. FXA - Drawdown Comparison

The maximum GC=F drawdown since its inception was -44.36%, which is greater than FXA's maximum drawdown of -40.97%. Use the drawdown chart below to compare losses from any high point for GC=F and FXA.

Drawdown Indicators

	GC=F	FXA	Difference
Max Drawdown Largest peak-to-trough decline	-44.36%	-40.97%	-3.39%
Max Drawdown (1Y) Largest decline over 1 year	-17.73%	-5.55%	-12.18%
Max Drawdown (5Y) Largest decline over 5 years	-20.43%	-21.99%	+1.56%
Max Drawdown (10Y) Largest decline over 10 years	-20.87%	-27.99%	+7.12%
Current Drawdown Current decline from peak	-10.04%	-26.78%	+16.74%
Average Drawdown Average peak-to-trough decline	-13.03%	-18.77%	+5.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	1.52%	+3.26%

Volatility

GC=F vs. FXA - Volatility Comparison

Gold (GC=F) has a higher volatility of 11.29% compared to Invesco CurrencyShares Australian Dollar Trust (FXA) at 3.40%. This indicates that GC=F's price experiences larger fluctuations and is considered to be riskier than FXA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GC=F	FXA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.29%	3.40%	+7.89%
Volatility (6M) Calculated over the trailing 6-month period	24.59%	5.93%	+18.66%
Volatility (1Y) Calculated over the trailing 1-year period	27.77%	9.98%	+17.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	10.46%	+7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	10.00%	+6.36%